Saudi Arabia-based petrochemical firm SABIC announced it had signed a memorandum of understanding with energy giant Aramco and Polish energy group PKN Orlen for the exploration of potential petrochemical growth or expansion projects in Poland and Central and Eastern Europe.
According to a statement, the agreement will help enable the study of several potential collaboration and investment opportunities. These include a new chemical production facility in Poland, the expansion of several existing assets and development of a new world scale cracker.
“For more than 40 years and in every region, SABIC’s collaborative approach has built longstanding relationships, delivered innovative solutions and created mutual value. By bringing together the scale, expertise and technologies of three world-leading companies, this MOU enables us to identify and assess opportunities for ambitious and sustainable growth,” Abdulrahman Al-Fageeh, SABIC’s Executive Vice President for Petrochemicals said in the statement.
SABIC also said that following the exploration phase, if all parties agree to pursue a petrochemical project they will enter into a separate project joint development agreement (JDA).
